A civil court judge of the relevant jurisdiction is permitted to grant a Succession Certificate to the legal heirs of an individual who has died intestate, leaving behind unclaimed securities and debts. A person is considered to have died intestate when he or she has not made a legal will. A Succession Certificate gives the certificate holder the power to inherit the securities and debts of the deceased and to negotiate or transfer them. The Succession Certificate gives indemnity to all individuals who have such debt/or have liabilities on such securities, in regards to the payments made / or dealings which were made in good faith with the certificate holder. Hence, many individuals and organisations look for a Succession Certificate when they have to settle the securities and debts of the deceased. The certificate must be in favour of the individual who claims such securities and debts.
ADVANTAGES OF A SUCCESSION CERTIFICATE
In the absence of nomination or will, the heir to a piece of property or financial assets has to prove his or her claims to this property/financial asset. In such a case, depending on the asset, an heir may be asked to produce either a Succession Certificate or a letter of administration.
- A Succession Certificate is needed for a movable property like provident fund, bank deposits, shares, loans, or other securities
- A Letter of Administration is needed for immovable property like land/jewellery to support his or her claim
CHECKLIST TO OBTAIN A SUCCESSION CERTIFICATE
- A petition to the district judge within whose jurisdiction the deceased person resided at the time of his or her death/ or if at that time the deceased did not have a fixed residence
- A petition to the district judge under whose jurisdiction any part of the property of the deceased may be located
Our team of lawyers at ACE ALLIANCE will help you prepare the application for a Succession Certificate after collecting all the required documents. f the district judge is satisfied with the preparation of that petition, an opportunity will be granted to hear the person who should be heard. After hearing from all parties, the judge will make a decision in regard to the right of the petitioner, to be granted the Succession Certificate. The judge will then pass an order to grant the certificate.
DOCUMENTS REQUIRED FOR A SUCCESSION CERTIFICATE
WHEN CAN A COURT GRANT A SUCCESSION CERTIFICATE?
The civil court judge will decide on the rights of the petitioner after he or she hears from the parties concerned. Then, the judge will pass an order to issue the succession certificate, which specifies the list of debts and securities sought by the petitioner
WHAT ARE THE RESTRICTIONS ON ISSUING A SUCCESSION CERTIFICATE?
At times, a court can ask the petitioner to produce a bond with security/or with one or more sureties. This is to indemnify him or her, in case of a possible loss of debts or securities, arising out of any use or misuse of the Succession Certificate.
WHAT IS THE GEOGRAPHICAL VALIDATION OF A SUCCESSION CERTIFICATE?
A Succession Certificate made in any part of India is valid throughout the whole country.
WHAT IS THE PROCEDURE THAT MUST BE FOLLOWED IF A SUCCESSION CERTIFICATE IS ISSUED IN A FOREIGN COUNTRY?
If a succession certificate is issued to an individual in a foreign country, by an Indian
representative that was appointed by the Government of that country, it must be stamped properly to have any kind of validation in India. The certificate must be stamped as per provisions mentioned in the Indian Court Fees Act of 1870.
WHAT IS THE MEANING OF LETTERS OF ADMINISTRATION
If someone dies intestate, before the administration of the estate is entrusted to someone/or when no executor has been appointed under the will of deceased/or when an executor is appointed but he refuses to act, then the Letters of administration will be issued. These are issued to entitle the administrator with all the rights he or she needs, for the effective administration of the estate of the deceased.
Once you get in touch with us at ACE ALLIANCE with your request to create a Succession Certificate, we will start the process. After our team receives all the details, our expert team of lawyers and attorney will create the Succession Certificate sample and send it across for your reference within 2- 3 business days. The price you pay for these services will includes three rounds of iterations. Therefore, if you need any changes done to the Succession Certificate, our team of lawyers at ACE ALLIANCE will do the needful and help you prepare the approved Succession Certificate.